Cost Flow Methods The following three identical units of Item LO3V are purchased during April: April 2 April 15 April 20 Total Average cost per unit Item Beta Units Cost Purchase 1 $291 Purchase 1 294 Purchase 1 297 3 $882 $294 ($882 3 units) Assume that one unit is sold on April 27 for $426. Determine the gross profit for April and ending inventory on April (b) last-in, first-out (LIFO); and (c) weighted average cost method. a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Gross Profit Ending Inventory 54

Cost Flow Methods The following three identical units of Item LO3V are purchased during April: April 2 April 15 April 20 Total Average cost per unit Item Beta Units Cost Purchase 1 $291 Purchase 1 294 Purchase 1 297 3 $882 $294 ($882 3 units) Assume that one unit is sold on April 27 for $426. Determine the gross profit for April and ending inventory on April (b) last-in, first-out (LIFO); and (c) weighted average cost method. a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Gross Profit Ending Inventory 54

Name: Cost Flow MethodsThe following three identical units of Item LO3V are
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Description: Cost Flow MethodsThe following three identical units of Item LO3V are purchased during April:April 2April 15April 20TotalAverage cost per unitItem BetaUnitsCostPurchase1$291Purchase1294Purchase2973$882$294($882 ÷ 3 units)Assume that one unit is sold

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Cost flow methodsThe following three identical units of Item P401C are purchased duringApril: Item Beta Units Cost April 2 Purchase 1 $100 15 Purchase 1 120 20 Purchase 1 140 Total 3 $360 Average cost per unit $120 ($360 / 3 units) Assume that one unit is sold on April 27 for $300.Determine the gross profit for April and ending inventory on April 30using the (A) first-in, first-out (FIFO); (B) last-in, first-out (UFO); and (C)weighted average cost methods.
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